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O.C.G.A. § 11-4-501 — Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor | Georgia Code

O.C.G.A. § 11-4-501 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 11 COMMERCIAL CODE

Section 4. Bank Deposits and Collections, 11-4-101 through 11-4-504.

ARTICLE 4 BANK DEPOSITS AND COLLECTIONS

11-4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.

A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.

(Code 1933, § 109A-4 - 501, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 14.)

JUDICIAL DECISIONS

Cited in Banco Surinvest, S.A. v. Suntrust Bank, 78 F. Supp. 2d 1366 (N.D. Ga. 1999).

RESEARCH REFERENCES

Am. Jur. 2d.

- 11 Am. Jur. 2d, Banks and Financial Institutions, § 993. 67 Am. Jur. 2d, Sales, § 38.

C.J.S.

- 9 C.J.S., Banks and Banking, § 414.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 4-501.

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